Chase Bank revises interest rates down in line with new law

Chase Bank (in receivership) has adjusted its existing and new loan facilities to 14.5% in line with the Banking (Amendment) Act.

Chase Bank says its path to full recovery is hinged on the support of its customers and complying with the law underscores “commitment to extend new benefits to our customers who have been regrettably inconvenienced.”

In a statement, the receiver manager said relationship and branch managers are engaging customers to guide them on the review of current facilities as from 1^stSeptember 2016.

“We also urge our customers to get in touch with their relationship managers and branch managers who will avail additional information with respect to the terms of the existing facilities,” the statement says.

Since April, Chase Bank has recorded improved inflows in excess of Ksh18.7 billion while thousands of new customers have also come on board since it reopened its doors.

“With the recent approval from the Central Bank of Kenya (CBK) to offer lending and term deposits, the adoption of new interest rates provides Chase Bank the opportunity to continue to support the SME sector, especially youth, women and agribusinesses to grow their businesses and achieve what matters most to them,” it said.

[crp]